Dollar market runs out of steam for SSAs
Three undersubscribed SSA dollar deals in a week drew many market participants to conclude that issuance in this sector could already be over for the year as a 10bp rally in yields and tightening swap spreads led investors to take a cautious approach towards the primary issues launched this week.
A $1bn two year global bond for the African Development Bank was the only successful transaction while deals for European Investment Bank, Cades and KfW all failed to gain full subscription, with bankers pointing to the EIB seven year trade as the worst.
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